Betr Entertainment, the Australian betting operator, reported a loss of A$40.2 million for the financial year 2026. Despite this setback, the company experienced a surge in customer engagement and an uptick in earnings before interest, taxes, depreciation, and amortization (EBITDA) during the second half of the year.
For the fiscal year ending on June 30, Betr's turnover rose by 12.3% to A$1.59 billion, while its net win grew by 7% to A$158.1 million. The gross win also saw an increase of 10.1%, reaching A$215.7 million.
However, the company's normalized EBITDA losses amounted to A$7.1 million for FY26, a significant decline from the A$7.2 million profit recorded in the previous year. This poor performance was largely driven by challenges faced during the first half of FY26, where Betr reported EBITDA losses of A$13.2 million. These losses were partly attributed to favorable sports and racing outcomes at the Spring Racing Carnival, leading to approximately A$7 million in losses.
CEO Andrew Menz commented on the year's performance, stating:
"FY26 was a year of deliberate investment followed by disciplined execution. In the second half we converted that investment into delivery with a A$19.3m EBITDA turnaround between H1 and H2."
Throughout the fiscal year, Betr invested significantly in rebranding efforts, integrating Sky Racing, and acquiring TopSport. The company's advertising budget escalated by 45%, reaching A$28.2 million.
In the second half of the year, EBITDA was estimated at A$6.1 million, aligning with the company’s projections of A$5 million to A$8 million in normalized EBITDA. Notably, Betr generated A$2.6 million in positive operating cash flow during the fourth quarter, marking its first positive quarter since 2021. By the end of June, the company held A$27.8 million in cash, which included A$11 million in client balances.
